We’ve changed how we do things! If you already have Credit Card Repayment Insurance and your cover started before April 10, 2011, your policy and claim process is different. Find out more
Your cover is provided by Kiwi Insurance Limited, who’ll cover the outstanding balance on your insured Kiwibank Credit Card (up to $30,000) if you:
- suffer illness or accidental injury
- become permanently disabled
- are made redundant (if employed)
- are declared bankrupt (if self-employed).
If you die, we’ll pay the total outstanding balance on your card, up to $40,000.
You only pay for the protection you need - if your balance is zero on your monthly statement date, you pay nothing that month.
If you have a joint account, your partner is automatically covered for free.
How it works
|If you suffer . . .||We’ll pay . . .|
|Sickness or accidental injury causing temporary disablement||15% of the outstanding balance on your insured card, paid monthly for up to 18 months, up to a maximum of $30,000|
|Permanent disablement||The total outstanding balance on your insured card, up to a maximum of $30,000|
|Critical illness||The total outstanding balance on your insured card, up to a maximum of $30,000|
|Redundancy (if you’re employed)||15% of the outstanding balance on your insured card paid monthly for up to seven months or until you return to work, up to a maximum of $30,000. You are not covered for the benefit If you’re self-employed|
|Bankruptcy (if you’re self-employed)||The total outstanding balance on your insured card, up to a maximum of $30,000|
|Death||The total outstanding balance on your insured card, up to a maximum of $40,000|
Please note: The amount paid is based on the outstanding balance on your insured credit card account as defined in the Credit Card Repayment Insurance Policy Wording (PDF 539.5 KB).
How much will it cost for new credit card customers?
How much you’ll pay depends on your closing balance in your monthly credit card statement. For each credit card statement period you’ll pay 75 cents for every $100 (or part thereof) of the closing balance set out in your statement.
For example, if the closing balance in your monthly statement is $1,200, your Credit Card Repayment Insurance will cost you $9 for that month. If your closing balance is zero, you won't pay anything for that month.
If you have a joint card, your partner is covered too - at no extra cost.
Your premiums are charged to your credit card each month - there's no need to set up any extra payments.
You can get cover without any medical tests if you are:
- the primary cardholder of a Kiwibank Credit Card (the joint cardholder can be covered automatically for free)
- aged between 18 and 65.
Your cover for all benefits ends when you turn 65, except for death cover which ends at 75.
Please note that any pre-existing medical conditions won't be covered, and some limitations and exclusions apply - for example, cardholders who aren't working, or who work less than 25 hours a week, are only covered for the critical illness and death benefits.
See the full terms and conditions in the Credit Card Repayment Insurance Policy wording (PDF 539.5 KB).
If you took out your Credit Card Repayment Insurance policy between April 2011 and 13 May 2015 your important terms and exclusions are in this policy Credit Card Repayment Insurance Policy (PDF 653.2 KB). Effective from 11 April 2011 – 13 May 2015.
Fill in the insurance section when you apply for a Kiwibank Credit Card online.
You’ll have 30 days to consider the policy. If you decide it isn't right for you, you can cancel it and any premiums you’ve paid will be refunded.
We highly recommend you read our Credit Card Repayment Insurance fact sheet (PDF 69.1 KB). It provides valuable information, that can help you decide what’s right for you.
Make a claim
To make a claim, call us on 0800 222 491 between 8.30am – 5pm Monday to Friday.
Credit Card Repayment Insurance is provided by Kiwi Insurance Limited, and Kiwi Insurance Limited is solely responsible for any claims under the policy. Kiwibank Limited does not guarantee the obligations of, or any products provided by Kiwi Insurance Limited. Kiwibank Limited may receive a commission on any policy it arranges.
Important terms, conditions and exclusions are set out in the Credit Card Repayment Insurance Policy wording (PDF 539.5 KB).
“We”, “us”, or “our” means Kiwi Insurance Limited.
Kiwi Insurance Limited has a financial strength rating of A-(Excellent) from A.M.Best Company.
A++, A+ Superior
A, A- Excellent
B++, B+ Good
B, B- Fair
C++, C+ Marginal
C, C- Weak
E Under Supervision
F In Liquidation
Kiwi Insurance Solvency and Statutory Fund
Like all insurers in New Zealand Kiwi Insurance Limited is required to meet solvency standards which are determined by the Reserve Bank of New Zealand.
As at 30 June 2017, the Actual Solvency Capital of Kiwi Insurance Limited was $15.371 million, which gave a margin over the Minimum Solvency Capital of $8.664 million. The breakdown of these amounts is shown in the following table.
|As at 30 June 2017||$000's|
|Actual Solvency Capital (A)||15,371|
|Minimum Solvency Capital (B)||6,707|
|Solvency Margin (A-B)||8,664|
|Solvency Ratio (A/B)||229%|
Kiwi Insurance has one statutory fund which constitutes the whole of the company.
Credit Card Repayment Insurance before 10 April 2011
If you already have Kiwibank Credit Card Repayment Insurance and your cover started before 10 April 2011, your cover is provided to you by CIGNA Life Insurance New Zealand Limited.
To make a claim, call CIGNA on 0800 154 805.
CIGNA Life Insurance New Zealand Limited is solely responsible for any claims under the insurance policy. Kiwibank Limited (including its related companies) does not guarantee the obligations of, or any products provided by, CIGNA Life Insurance Limited or its related companies.
Important terms, conditions and exclusions are set out in the Credit Card Repayment Insurance (PDF 212.7 KB). Effective to 10 April 2011.